WASHINGTON (Reuters) - The Supreme Court struck down on Thursday long-standing limits on corporate spending in U.S. political campaigns, such as this year’s congressional races and the 2012 presidential contest.
The ruling was a defeat for the Obama administration and the campaign finance law’s supporters who said that ending the limits would unleash a flood of corporate money into the political system to promote or defeat candidates.
The ruling transformed the political landscape and the rules on how money can be spent in future presidential and congressional elections, which already have broken new spending records with each political cycle.
The justices overturned Supreme Court precedents from 2003 and 1990 that upheld federal and state limits on independent expenditures by corporate treasuries to support or oppose candidates.
OMG DOES THIS MEAN ELECTIONS CAN NOW BE BOUGHT OMG WHAT WILL BECOME OF OUR DEMOCRACY???!!! Love, Jesus H. Christ.